The morning news. [volume] (Savannah, Ga.) 1887-1900, 1887-08-08
A NEW SPECULATIVE MoLoCH.
Another Chance for New York Bro
kers TO Make Money.


NEW YORK, Aug. G.-The Moloch of spec
ulation is ever holding out redhot arms for
new offerings to his tickle majesty and the
latest thing in the way Of gambling is the
listing Of silver certificates at the Stock Ex-
change. ANY person may deposit at bank
| go ounces Of silver and receive a certlf-
cate representing the market value Of the
bullion. The Western National Bank Of
which the Hon. Daniel Manning is the Pres
i1ent has been conspicuous in the move
ment and there has been a question raised
as to the legality OF such transactions. They
are strictly legal, and may yet prove con-
siderable source Of revenue to the bank Of
the shregd eX Secretary Of the Treasury,
who not 50 many years ago was receiving
S12 week Is reporter for the Albany
4 rglls and g. q week from "a Western pa
per for writing a weekly review of the Al
bany cattle market. The transaction in
wolves a change from bullion to a certificate
representing its value. The certificate is,
OF course, negotiable. but il is in no sense
currency. This new move in the specula-
tive world was made primarily to promote
speculation. The Stock Exchange brokers,
hard pushed by the Consolidated Exchange
and bucket shops, is trying TO increase its
business, and the silver certificates are held
out as a bait 10 tempt the speculative public
20 try something new. Any person may
take 900 ounces Of silver TO a bank and on
a payment Of pc. for the service will re-
ceiye certificate in exchange for it, the
bank holding the bullion in trust. Certifi-
Gates for some $40, 900 ounces of silver have
been is-ued within a week and their value,
fiuctuating daily, is about 90: that is 1000
ounces are worth $3.50. They can be sold on
the Stock Exchange the same as stocks
The plan has been in operation only about
week, and the speculation as yet is on a
| Ia Fra h. faTl 81,
market wakes up, it may reach large ag
| gregate Stock brokers encourage the new
| scheme because it promises To increase their
commissions. But the speculative devices
of hard-pushed brokers are of little conse
| quence, and the one important thing for
| consideration in this new departure is the
possibility of New York rivaiing London as
great silver market. There is no question
that this country has suffered seriously
| from the fact that London is the dominant
silver market of the world BY manipu-
lating the price Englishmen have
baen able to buy East Indian
wheat almost at their own prices, the silver
rupee being the standard money of India.
/ A decline IN the price of silver the money
with which the wheat was paid for, meant
practically fall in the quotation for Indian
| wheat, even though wheat might really re
main stationary. England has robbed India
| for long time in this fashion because the
| country Is not FULLY opened 10 what We term
| civilization, aud the means of discriminating
| intelligence are limited With the fall of
| silver American wheat must decline in
order to compete in the European markets
with the wheat of India. It would be an
advantage TO this country, it is CON
tended, if New York could have
something to say as to what silver
is worth. The matter has nothing to
DO with the silver question in the ordinary
sense; that is vexed matter involving cur
rency on which there are a thousand opin-
ions. II is simply question whether New
York can secure a foothold in the dealings
in silver, to the end primarily that New
York brokers out at the elbows may get a
living from silver commissions which they
cannot get from stocks, and secondarilv,
| that London may be dethroned as the silver
king Of the world, dealing stocked cards 10
| the East Indians and then telling the farm
ers of the West that they must also
'knucllle down There is II saying which
runs ''robbing Peter 10 pay Paul, but this
is robbirg all the disciples.
OSCAR WHLOUGHpY RIGGS